This is a question for someone in real estate.?

Question

If I want to buy a house with my cash (don't like mortgages), what are the things I need to do and who's help I need to get it closed.
I'm "green" regarding real estate.
Thanks.

Answer 1

1.)Find a buyer's agent, they work for free. (Assuming you're buying a home that is listed with a broker.)
2.)Find a title company that you trust. They're the ones who will coordinate everything. (Clearing title, Surveys, Title Insurance, Accruals, etc.)
3.)Get a home inspection.
4.)Order an appraisal. This will make sure that you don't overpay. Banks always require an appraisal. Make sure you've got an appraisal contingency in the contract that states that you aren't required to close on the deal if the appraisal price is not equal or greater than the sales price.
5.)Get a termite inspection. (May not be neccessary in certain parts of the country.)

If you don't want to hire an agent, or the home is being sold without a broker on the other side make sure you hire a good real estate attorney for advice and to draft the contract. DO NOT allow the sellers to draft the contract for you. Unless you're familiar with RE contracts (anwhere from 10-50 pages depending on addendums and contingencies) there are many things that you could overlook that are skewed in the seller's favor.

Answer 2

Someone who gets a loan on a house gets a little bit of "protection" in the buying process. With a mortgage company involved, there has to be an appraisal done. This is really to protect the lender, not the buyer, but what it does is ensure that the house is worth the $ and that the condition is acceptable to the lender. It's not a mechanical inspection, but it does cover some of the condition aspects. Also, the title commitment is reviewed by the lender to ensure clear title.

Get a buyer's agent. A Realtor you can trust. Probably, you're going to buy a house that's listed by a Realtor anyhow, so the commission will be paid out of the proceeds. If you just call off the sign, the seller's representative gets 100% of the commission. If you have an agent representing you, this same amount of money pays both Realtors.

Answer 3

If you have cash all you need is a Real Estate Agent to find you the right property. The cost of the entire process will be the price of the property and the closing costs, which depending on which state you are in can run any where from 1,500.00-2,500.00 or maybe a little more depending on what insurance you select and so forth. This is minimal because you won't have any broker fees or lender fees. Up front you are looking at the earnest deposit which is always required when you sign a purchase contract, the appraisal fee which normally appraisers want upfront and an inspection fee which good to get but not always required. Your looking good so find and agent. Also, if you don't want to deal with an agent, you can look in the newspaper or FSBO (For Sale By Owner) magazine. It sounds like your first purchase...I would get a Real Estate Agent to represent me.

Answer 4

First attempt to discover anyone you already know and believe. Whether they're a dealer, agent or lawyer. Just b/c they're such a 3 does no longer robotically prevent them from being the proper man or woman for you. You have got to believe cozy with them. Keep in brain throughout all of this, that they're operating for you. If they aren't operating however simply amassing a paycheck, discover anyone else. Everyone of the aforementioned persons can and can make a giant amount of cash in the event you decide upon to paintings with them. Further, so much markets within the US have tilted in the direction of the patrons facet to a point. This approach you're now within the drivers seat. Everyone within the truly property enterprise demands patrons. Best of success. Joe...

Answer 5

Research on the internet. Go to realtor.com to find a property you are considering, drive around neighborhoods you are considering. This is most likely the largest cash purchase of your life and if you dont want to use the services of a realtor, then do your research. Lots of people out there will want to help you spend your money. Dont be afraid to bid low, the sellers can always counter-offer.

Answer 6

Use a licensed real estate agent, unless you think you are really smart, in which case read a bunch of books on real estate, do everything yourself, and pray that nothing goes wrong.

Answer 7

Get a Buyer Agent. We get paid by the seller's agent at closing. A good Buyer agent will save you time and money. They will protect you in all aspects of the transaction. For more info visit jackosullivan.net

Answer 8

You need to consult a real estate attorney to draft up a contract. Should you want title insurance (i think it's only required by banks), termite and general inspection you would need to do this on your own.